Duty of persons to account for assets, etc. in their possession

Corporate198426 sections

Statutory text

(1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents or other papers relating to the undertaking, which have vested in the State Government or in the Corporation, or in a new Government company under this Act, shall be liable to account for the said assets, books, documents and other papers to the State Government, or the Corporation, or a new Government company, as the case may be, and shall deliver them to the State Government, or the Corporation or such Government company or to such person or persons as the State Government or the Corporation or such Government company may specify in this behalf.
(2) The State Government or the Corporation or the Government company aforesaid may take, or cause to be taken, all necessary steps for securing possession of the undertaking which has vested in the State Government or the Corporation or such Government company under this Act.
(3) The proprietors shall, within such period as the State Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertaking which has vested in the State Government under sub-section
(1) of section 3 and in the Corporation, by virtue of the provisions of sub-section
(2) of that section, and, for this purpose the State Government or the Corporation shall afford to the proprietors all reasonable facilities.

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